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Swinburne Warns on Equivalence

Swinburne Warns on Equivalence

Posted on Tue, Jun 12, 2018 @ 1:40

By Shanny Basar
June 12, 2018, Markets Media

Dr. Kay Swinburne, MEP, vice chairman of the economic and monetary affairs committee at the European Parliament, has warned that the United Kingdom cannot rely on equivalence for mutual access to European Union markets after the country leaves the trading bloc.

After Brexit, the U.K. will lose the ability to passport financial services across the remaining EU 27 member states. One suggested alternative is to use the equivalence regime under which the European Commission can recognize that the regulatory or supervisory regime of certain non-E.U. countries is equivalent to the corresponding E.U. framework.